Materials are the forms used in the application process and

Reference no: EM13585363

Royale Mortgage Company uses a process cost system to accumulate costs in its loan application department. When an application is completed, it is forwarded to the loan department for final processing. The following processing and cost data pertain to September.

1.		Applications in process on September 1, 200
2.		Applications started in September, 800
3.		Completed applications during September, 600
4.		Applications still in process at September 30 were 100% complete as to materials (forms) and 60% complete as to conversion costs.

Beginning WIP:
Direct materials		$1,460
Conversion costs		4,460
September costs:
Direct materials		$3,840
Direct labor		12,660
Overhead		6,316

Materials are the forms used in the application process, and these costs are incurred at the beginning of the process. Conversion costs are incurred uniformly during the process.

Prepare a cost reconciliation schedule.

Costs accounted for:
Transferred out		$
Work in process, September 30
Materials	$
Conversion costs
Total costs		$

Reference no: EM13585363

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